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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

The Senate
has confirmed Carol Galante as head of the Federal Housing Administration (FHA). The confirmation will remove the term "acting"
from her title of Assistant Secretary for Housing and Commissioner of the FHA,
a title she has held since the departure of David H. Stevens in May 2011.

Galante
joined the Department of Housing and Urban Development in March 2009 as Deputy Assistant
Secretary for Multifamily Housing programs, coming to HUD from BRIDGE Housing
Corporation, the largest non-profit developer of mixed-income and mixed-use
developments in California where she was president and CEO. She holds a Master of City Planning degree
from U.C. Berkley and a Bachelor of Arts from Ohio Wesleyan.

In
a statement released by HUD, its Secretary Shaun Donovan expressed "deep
gratitude to members of the Senate who appreciate the combination of fiscal
prudence and public purpose that Carol brings to this important post at this most
critical time.

"Under Carol's stewardship as Acting
Assistant Secretary and Federal Housing Commissioner, HUD launched and
integrated the Office of Risk Management and Regulatory Affairs into the Office
of Housing. In addition, she has worked to expand housing opportunities
for elderly and disabled residents and launched HUD's new Office of Housing
Counseling. Further, Carol directed FHA insurance programs, through which
HUD provided critical liquidity in the market while balancing two core missions
- preserving affordable mortgage financing options for underserved borrowers
and protecting our still-fragile housing recovery."

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